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All water properties of the company are within the City of Las Vegas, where for several years past the tax rate has been maintain­ed at the top legal limit of $5.00 per $100 of assessed valuation. The following tabulation shows the make-up of the 1949 tax rate of the various tax jurisdictions and the respective rates. 1949 Tax Rate Inside Las Vegas Incorporated Area State $ .680 General County 1.880 Education, District No. 2 High School .300 Bond Retirement .105 School Dis'trict No. 12 Elementary .230 Kindergarten .230 Bond Servicing .115 Las Vegas Artesian Basin Fund .0 10 Las Vegas City 1.450 Total - Inside Las Vegas City On .o001 Although some changes may occur in the various tax rates making up the $5.00 total, there is little prospect of the total fall­ing below the legal limit. Other Municipal Taxes Under Ordinance No. 390 (effective October 1, 1949), the City of Las Vegas instituted a new license tax on water companies. The payments under this tax are computed at 3/4 of 1% of gross earn­ings, payable quarterly. The new ordinance repealed the old city license tax of $100 per quarter year. During the first quarter of its operation (Oct.- Dec. 1949) the new tax produced $378.01 for the City. On the basis of estimated gross earnings of $222,000 in 1950 under present rates, an operating expense of $1,665.00 will be incurred through this tax. With increased rates the amount of the license tax will naturally increase along with the added gross earnings.